What does Evlo offer?
Evlo provide personal loans designed to help individuals with a less-than-perfect credit history. Whether you're looking to consolidate debts or cover unexpected expenses, it offers tailored lending solutions you may not be able to get elsewhere.
Who is Evlo?
Evlo, is a UK-based direct lender specialising in personal loans for customers who may find it difficult to borrow from mainstream banks.
Established in 2006, the company has helped over 300,000 customers access credit.
You can borrow between £1000 - £15,000, with repayments ranging from 18 months to 60 months. The specific amount and term offered will depend on your credit history and personal circumstances. Evlo is fully regulated by the Financial Conduct Authority (FCA) and committed to responsible lending.
What types of loans does Evlo offer?
Evlo offers a range of unsecured personal loans, including:
Bad credit loans. Designed for individuals with poor or limited credit histories, helping them access funds and potentially improve their credit rating through regular repayments
Debt consolidation loans. Combine multiple existing debts into a single loan with one manageable monthly repayment
Joint loans. Allow you to apply with another person so the credit of both people can be assessed. This means you may be able to borrow a larger amount or get a better rate
Home improvement loan. Finance renovations or refurbishments, making it easier to spread the cost of upgrades over time
Car loans. Purchase a new or used vehicle with a fixed repayment schedule
Wedding loans. Cover the costs of a wedding or other major life events with structured repayments over an agreed term
Evlo does not require borrowers to be homeowners, meaning tenants and people living with family can also apply.
Can I get a bad credit loan with Evlo?
Yes, Evlo specialises in helping people with poor or limited credit histories access personal loans. They assess your current financial situation rather than just your credit score, offering tailored loans with fixed repayments.
A face-to-face appointment ensures affordability before approval, making them a flexible option for bad credit borrowers.
How much can I borrow with Evlo?
Evlo offers borrowing between £1,000 and £15,000, with repayment terms ranging from 18 to 60 months.
The exact amount and terms available will depend on individual financial circumstances, including credit history, income, and affordability assessments.
Key features of an Evlo loan
Soft credit check. Check your eligibility without affecting your credit score
No arrangement fees. Evlo is a direct lender, not a broker, so no fees are charged for applications
High interest rates. Evlo specialise in bad credit lending and to cover the additional risk the advertised APR is higher than many loan deals
Flexible loan terms. Borrow from £1,000 to £15,000 and choose a repayment period that suits your budget
Face-to-face service. Loans are arranged in-branch, ensuring a personalised approach to lending
FCA regulated. Evlo is authorised and regulated by the Financial Conduct Authority, ensuring fair and responsible lending practices
Do you need a guarantor for Evlo?
Unlike some other loan providers for people with low credit, Evlo doesn’t require a guarantor.
A guarantor is a friend or family member with a better credit history and score, who agrees to take on responsibility for the loan if you have difficulty paying it back.
This means that if you don’t have someone who could share your loan with you, you can still access credit – although your interest rate will probably be higher than those on most guarantor loans.
What are the eligibility criteria?
To apply for a loan with Evlo, you must be:
At least 18 years old
A UK resident
Able to afford the repayments
Evlo considers applicants with poor or limited credit histories, focusing on their current financial situation rather than just their credit score.
How to apply for a loan with Evlo
Applying for a loan with Evlo can be done either in-branch or online.
To apply in-branch, contact your local branch through the Evlo website either by phone or email. If pre-approved they will set an appointment for you to visit. The face-to-face process ensures borrowers fully understand the loan terms before committing.
To submit an online application, just follow the steps on the Evlo website, including how much you want to borrow and provide personal and financial details to receive an initial decision.
How quickly will the money be in my account?
After completing the in-branch appointment and signing the loan agreement, funds are typically transferred to your account the same day.
Are there any fees with an Evlo loan?
Evlo does not charge any arrangement or application fees. However, it’s important to make repayments on time to avoid potential late payment charges, which can increase the overall cost of your loan.
If you want to settle your loan early, you may face an early repayment charge, typically up to two months’ interest. Exact fees vary based on your loan agreement, so it’s important to check your terms before making additional payments.
What if I’m struggling to pay back my loan?
If you're struggling to meet your Evlo repayments, contact the lender as soon as possible. They may be able to adjust your repayment plan or offer support based on your circumstances.
Missing payments can impact your credit score and lead to extra charges, so acting quickly is key. If you need further help, reach out to a free UK debt charity for confidential advice such as StepChange, National Debtline, Citizens Advice or MoneyHelper.
Is Evlo regulated and trustworthy?
Yes, Evlo is fully authorised and regulated by the Financial Conduct Authority (FCA). With over 300,000 customers and a track record of responsible lending, the company ensures fair and transparent lending practices.
Why compare loans with MoneySuperMarket?
Comparing loans with MoneySuperMarket allows you to explore a range of lending options tailored to your financial situation.
Our eligibility checker shows you which loans you are likely to be approved for without affecting your credit score. This makes it easier to compare interest rates, repayment terms, and overall costs before applying.
Finding the right loan is about more than just borrowing money, it’s about securing an affordable and manageable financial solution.
By comparing multiple lenders in one place, you can make a well-informed decision and choose the loan that best suits your needs.
MoneySuperMarket acts as a credit broker, offering this service free of charge to customers, while receiving a fee from lenders. This fee does not influence the presentation of products to customers, ensuring you receive unbiased information to make the best decision for your financial needs.
